Litecoin carried out strongly in November.
The cryptocurrency witnessed elevated accumulation final month.
LTC has discovered resistance at $80, paving the best way for a breakout or correction.
A robust surge in November took Litecoin (LTC/USD) to $83. That’s almost double the worth of $47 on November 9. The good points additionally took LTC above a vital resistance, paving the best way for additional good points within the cryptocurrency. Nevertheless, LTC has been consolidating for greater than every week since hitting greater ranges.
As CoinJournal beforehand reported, Litecoin’s halving occasion, which is months away, could possibly be fueling LTC good points. If the occasion seems to be as influential because it was up to now, consumers usually are not but finished with LTC. A breakout might happen, and a value above $100 is inevitable.
Moreover, a well-liked crypto analyst expects LTC to outperform bitcoin. Strategist Justin Bennett says he’s bullish on Litecoin within the brief time period. The feedback come whilst massive whales gathered no less than $40 million value of LTC within the final two months of November. The optimistic fundamentals might assist LTC keep an upward trajectory. $80 is popping out to be the essential stage for bulls within the subsequent bull cycle.
LTC finds resistance at $80 in a bullish momentum
LTC/USD Chart by TradingView
On the technical outlook, LTC retested the $80 resistance, and consumers have been rejected once more. The value is correcting, though the uptrend stays intact because the token makes greater highs and better lows.
The shifting averages are bullish on LTC and supply help for the cryptocurrency. The RSI stays above the midpoint however beneath the overbought stage. The RSI is, nonetheless, coming from an oversold stage, indicating that profit-taking could possibly be behind the continuing correction.
What subsequent for LTC?
LTC value might keep the uptrend given the robust momentum, however consumers ought to break above the $80 barrier. The token could bear a correction to the shifting common earlier than persevering with with the surge.
Traders ought to watch the realm round $70 if a correction happens. The extent will coincide with a 50% retracement or the 50-day MA.
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Disclaimer
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